NuScale's Revenue Plunged 99% Last Quarter, But the Stock Has Gained 1% So Far. Here's What Investors Need to Know.

NuScale Power (SMRN) reported a 99% revenue collapse to $75,000 in Q2, yet shares climbed approximately 1% as investors looked past the near-term earnings crater. The company holds the only Nuclear Regulatory Commission-approved small modular reactor design in the U.S., a credential that appears to be sustaining investor interest despite the revenue drought.

NuScale has assembled a supply chain spanning more than 60 suppliers and positions itself as deployment-ready, but it operates without a binding commercial contract. The company's primary near-term catalyst hinges on a potential Tennessee Valley Authority project through ENTRA1, which remains unsigned. Management is emphasizing engineering maturity and what it calls "deliberate progress" rather than rushing to secure deals.

The quarter's $75,000 in revenue marks a stunning sequential decline, but the stock's resilience suggests the market is pricing in the NRC approval and supply-chain infrastructure rather than current cash generation. The gap between revenue reality and stock performance underscores the binary nature of the trade: execution on TVA or similar contracts could validate the valuation, while continued delays without bookings would leave little fundamental support.